Palm oil: MPOB report bearish, domestic and foreign prices fall
2024-05-10 09:29:41
Golden Ten Futures on May 10, today's MPOB report shows that the production of Malaysian palm oil increased in April, but the export was less than expected, resulting in the accumulation of inventory, and the foreign offer was lowered. The bearish atmosphere in the domestic market is strong, the inquiry offer situation is less, and the basis remains weak. As of the close of May 10, the mainstream basis of 24-degree palm oil spot at the port of Zhangjiagang market refers to P2409 + 280 or 7610 yuan/ton, and the price is down 130 yuan/ton or 1.68% from the previous trading day. There is no bullish support in the short-term market for the time being, and the spot price of palm oil may maintain a decline.
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